We lost $100 million making pennies and nickels
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A penny is worth 1 cent, and a nickel, 5. But how much does it cost to make the money itself?
According to the U.S. Mint’s most recent report to Congress, way too much.
The good news is that the Mint says we saved $29 million this year making coins thanks to cheaper copper prices.
The bad news is that we’re still losing $100 million a year on pennies and nickels because it costs 1.66 cents to make a penny and more than 8 cents to make a nickel. A nickel is made of 75 percent copper and 25 percent nickel.
Of course, I’m on the record as favoring getting rid of the penny anyway.
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